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Technical Outlook

Equity benchmarks extended its record setting spree over second consecutive week as Nifty scaled to new highs of 15733. Nifty settled the week at 15670, up 1.5%. In the coming session, the index is likely to open on a positive note tracking firm global cues. We expect Nifty futures to trade with a positive bias while maintaining higher high-low formation. Hence, use intraday dip towards 15685-15712 to create long for target of 15797.

The follow through strength post faster pace of retracement backed by improving market breadth signifies robust price structure that makes us believe Nifty will eventually resolve above 15700 mark and extend the rally towards our revised target of 16100 in June 2021. However, we believe move toward 16100 would be nonlinear in nature as round of temporary breather after 1150 points rally cannot be ruled out. Therefore, any dip from hereon should be capitalised as incremental buying opportunity as we do not expect index to breach the strong support of 15200 levels.

Nifty Daily Chart

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